I read with great humour the front page article of the AFR a few weeks ago about ASIC investigations into Insider Trading at KPMG-Notably Adam Wilson and Ben Ingham. Both these gentlemen worked with me at KPMG Corporate Finance. I was shocked when Mordant and Hunt at Caliburn employed Wilson. He is a joke and in my experience, he would cross the fine line without thinking about it. Ben Ingham- I am surprised by his alleged involvement and would not think he would have deliberately broken the law.
Regardless, this is the tip of the iceberg as Audit Firm Corporate Finance teams trade information for leads with audit partners, breaching totally, price sensitive information rules and established Chinese Wall protocols. Audit based Accounting firms should not be given Corporate Finance Licenses. ASIC knows it, and this token investigation is a pretty poor attempt at window dressing a problem that is a cancer. The Business Community knows it and this is the reason why Audit Firm Based Corporate Finance teams get little in the way of on-market transaction activity.
ASIC brings our market into disrepute internationally and increases the costs of capital to our companies if it does not try and eradicate this tumour!